President Joseph N. Boakai recently demonstrated his unwavering commitment to addressing the challenges in Liberia’s energy sector. During a Round Table Energy Sector discussion held on March 21, 2024, he reassured the partners that one of his administration’s topmost priorities is the provision of affordable, reliable, and renewable energy to lift Liberians out of poverty.

The President was resolute in his commitment to completing the St. Paul 2 (SP2) Hydro Project and the Mount Coffee Extension projects that he initiated as Vice President in 2016. He made it clear to the partners that he would leave no stone unturned in ensuring that these projects are delivered to the highest international standards and free of any predatory political interference. 

President Boakai called on the international partners to support through the provision of the needed expertise and funding for the completion these transformational projects which would have lasting impact on the lives of ordinary citizens. He emphasized that the completion of these projects would have a tremendous impact on many sectors, including commerce, industry, communication, education, health, agriculture, and domestic and regional stability as expressed in the ARREST Agenda. 

The President also reaffirmed his administration’s zero-tolerance policy on corruption and cronyism and assured the partners that he would insist on upholding best practices. He demonstrated his confidence in his administration’s integrity and urged the partners to have faith in the project’s success. Finally, the President committed to regularly updating the partners through the leadership of his line ministries and agencies on progress, impediments, and challenges during each quarter. With his unwavering commitment and confidence, President Boakai is poised to transform Liberia’s energy sector and improve the lives of millions of Liberians.

Distributed by APO Group on behalf of Republic of Liberia: Executive Mansion.

Africa Finance Corporation (AFC) (www.AfricAFC.org) , the leading instrumental infrastructure solutions provider in Africa, is convening the 4th edition of its Country&Stakeholder Symposium (CSS) next Thursday.

Themed “Retaining African Capital for a Sustainable Future”, this year’s symposium focuses on the pivotal issue of limited availability of domestic capital which continues to impede the continent’s economic progress. Key local and global stakeholders, including sovereign wealth funds, pension funds, social security funds, central banks, financial and development institutions will participate in discussions to identify avenues for channeling funds toward transformative development projects across Africa.

High-profile leaders and industry experts from the public and private sectors will be speaking at the symposium, including the Turkish Deputy Minister of Treasury and Finance, Osman Celik; Governor of the Central Bank of Botswana, Cornelius Dekop; Governor of the Central Bank of Sierra Leone, Ibrahim Stevens; Director General, Caisse National de Prévoyance Sociale du Cameroun (CNPS), Alain Mekulu Akame; Deputy CEO, Saudi Fund for Development (SFD), H.E Faisal Alkahtani; Deputy Executive Secretary, United Nations Economic Commission for Africa (UNECA), Antonio Pedro; and Hatice Ürkmez, Director of Financial Institutions at Türk Eximbank.

Between the period the corporation convened the last Country and Stakeholder Symposium till now, AFC has made significant strides. AFC’s country Membership has now grown to 43 African states, representing 80% of the continent, as we welcomed Burundi, São Tomé and Príncipe, Eswatini and Ethiopia into the AFC fraternity. AFC’s shareholder group also expanded significantly, with member countries, including Benin, Botswana, and Cameroun, investing in AFC. Additionally, the Government of Türkiye, through the Türk Eximbank, has become our first non-African shareholder, exemplifying the increasing relevance of AFC as a partner to global strategic interests in Africa.

On the debt side, the corporation successfully raised in excess of US$2.1 billion from a diversified range of lenders and financiers across the global markets. Key inflows came from two syndicated loans of US$625 million and US$750 million; a EUR50 million loan facility agreement with Italy’s Cassa Depositi e Prestiti SpA (CDP); a US$350 million long-term line of credit with the African Development Bank (AfDB); and a US$400 million loan from the Exim Bank of China.

Among the Corporation’s robust pipeline of critical projects, AFC secured the lead developer role in the Lobito Corridor project sponsored by the US, EU, Angolan, and Zambian governments.  AFC’s exemplary track record has been recognized in successive awards, including:

Equity Deal of the Year from the African Banker Awards for AFC’s equity investment in Infinity Energy, and acquisition of Lekela Power
African Champion Award at the Africa CEO Forum for AFC’s investee company, Arise Integrated Industrial Platforms (Arise IIP)
Oil&Gas Deal of the Year award from IJGlobal for the Cabinda Oil Refinery project.
Sovereign, Supra&Agency Treasury&Funding Team of the Year at the 2024 Bonds, Loans&ESG Capital Markets Africa Awards.

AFC also recently provided equity to provide world-class healthcare through the African Medical Centre of Excellence (AMCE) Abuja hospital in Nigeria. Yet the continent’s infrastructure deficit remains larger than ever. The funding gap widens by multiple billions of dollars annually. Constrained government resources exacerbate this challenge, while the continuous outflow of Africa’s domestic investments to foreign climes only adds to the complexity.

The available capital within Africa must therefore be harnessed to work for Africa. Pension funds, government reserves, and personal savings must all find avenues to invest profitably in the African economy. We must channel the increasing number of indigenous public and private sector institutional investors with significant resources expressing interest in infrastructure investment.

AFC President&CEO Samaila Zubairu said, “The 4th edition of our flagship Country&Stakeholder Symposium will be a platform for critical discussions on Africa’s domestic wealth, as we delve into strategies to mobilize and utilize capital resources more effectively. By harnessing the collective expertise and resources of like-minded participants and stakeholders, we will forge new partnerships and initiatives to propel Africa towards a brighter and more prosperous future.”

AFC will continue to encourage African pension funds and financial institutions to partner with the Corporation to provide the much-needed support of African capital to serve Africa’s needs. In the past year alone, this has resulted in the National Social Security Fund (NSSF) of Kenya, Caisse Nationale de Prévoyance Sociale (CNPS) of Cameroun, and the State Bank of Mauritius (SBM Capital) all joining our shareholder group.

The CSS represents a unique opportunity for stakeholders to collaborate on innovative solutions that promote capital retention, foster sustainable economic growth, and drive Africa’s development agenda forward. Register to attend here https://apo-opa.co/49gHEBz.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

About AFC:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
www.AfricAFC.org

Revenue up 15% (CCY[1]) y/y to USD 490 million in 2023, supported by a 30% (CCY[1]) rise in the total value of consumer payments processed by merchant customers (TPV) across the MEA; Very strong performance in the UAE driven by growing consumer confidence and tourism; payments processed at UAE merchants from domestic consumers[5] up 24% y/y and international payments[6] from UAE tourists and visitors up 55% y/y; Significant growth at SME merchants, with UAE SME merchant volumes up 53% y/y; Excellent new business wins, with the addition of major new UAE merchant customers including Talabat, Moncler and additional branches of Carrefour and Lulu; Underlying EBITDA up 13% to USD 200 million reflecting revenue growth and cost discipline; Merchant signups for newly launched direct-to-merchant services in Egypt reached over 2,000. 

 Group Financial Summary (USD‘000)

FY 2023

FY 2022[7]

y/y change

 Total revenue

490,132

435,535

12.5% (15% ccy[1])

 Merchant Services

231,942

180,511

28.5% (31% ccy[1])

 Outsourced Payment Services

250,719

242,510

3.4% (5% ccy[1])

 Other revenue

7,471

12,514

(40.3)%

 Underlying EBITDA[2]

200,330

177,653

12.8%

 Underlying EBITDA margin[2]

40.9%

40.8%

10bps

 Profit for the period

66,507

79,154

(16.0)%

 Underlying free cash flow[2]

95,623

81,779

16.9%

 Cash flow from operating activities

181,347

119,202

52.1%

 Leverage[3]

0.6x

0.7x

(0.1)x

Distributed by APO Group on behalf of Network International.

Media enquiries:
Teneo
Rahul Ravisankar
NetworkInternational@Teneo.com

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Forward Looking Statements:
This announcement contains certain forward-looking statements with respect to the financial condition, results or operation and businesses of Network International Holdings Plc. Such statements and forecasts by their nature involve risks and uncertainty because they relate to future events and circumstances. There are a number of other factors that may cause actual results, performance or achievements, or industry results, to be materially different from those projected in the forward- looking statements.

These factors include general economic and business conditions; changes in technology; timing or delay in signing, commencement, implementation and performance of programmes, or the delivery of products or services under them; industry; relationships with customers; competition; and ability to attract personnel. You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. We undertake no obligation to update or revise any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances.

A new project aimed at supporting women fonio producers in Ghana has been announced by the Food and Agriculture Organization of the United Nations (FAO) and acclaimed chef Fatmata Binta.  

The project is designed to provide specialized training to approximately 100 women involved in fonio cultivation, enhancing their skills and boosting their productivity and income. Funded by FAO under a Technical Cooperation Project, the training will include hands-on sessions on fonio production, harvesting, packaging and accessing markets. 

Fonio, an ancient, nutrient-packed grain known for its resilience and ability to thrive in less fertile soils, has traditionally been cultivated by women in Ghana. However, it has been undervalued despite its nutritional and environmental benefits. This project aims to change the narrative by focusing on sustainable practices, empowerment, and economic development. The push for better production is part of the FAO Strategic Framework 2022-31 which is organised according to the Four Betters: better production, better nutrition, a better environment and a better life.  

Arslen Bounemra, FAO Representative in Ghana, said: “This project is a pilot that we hope can be scaled up and replicated in other fonio-producing countries. Fonio is a powerhouse ingredient that should be more well-known and consumed more widely.” 

Chef Fatmata Binta is an influential figure in the culinary world having won the 2022 Basque Culinary World Prize, sometimes referred to as the Nobel Prize of cooking. Born and raised in Freetown, Sierra Leone, to first-generation Sierra Leonean Fulanis of Guinean descent, Chef Binta is now based in Ghana and travels the world advocating for fonio and putting African cuisine on the global dining table. 

“Through this project, we are not only preserving a piece of African culinary history but also empowering women to take control of their futures. This is a testament to what we can achieve when we work together for a common good,” she said. 

Project activities will commence in April 2024, coinciding with land preparations for the next growing season. The women farmers have been organised into a group by Chef Binta and are part of a bigger ‘culinary village’ initiative that the chef is working on to highlight African indigenous ingredients.  

FAO and Chef Binta began a close collaboration during the 2023 International Year of Millets (IYM2023) including an Instagram campaign encouraging chefs to cook with millets, and a special Dine on a Mat Fulani culinary experience in Accra with a spotlight on fonio.  

The announcement comes as Chef Binta takes part in the IYM2023 closing ceremony today (March 29) in Rome, Italy, alongside the FAO Director-General Qu Dongyu and other special guests.

Distributed by APO Group on behalf of FAO Regional Office for Africa.